|09 March, 2020

Two modern Ultramax ships acquired by Oman Shipping Company in dry cargo expansion

The new ships are due for delivery in April and May 2020

Image used for illustrative purpose. Port of Muscat.

Image used for illustrative purpose. Port of Muscat.

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Muscat: Oman Shipping Company (OSC), a member of the Asyad Group, today formally confirmed the acquisition of two modern Ultramax Dry Bulk vessels, SBI Taurus and TR Omaha.

The new ships due for delivery in April and May 2020 will join OSC’s fleet of over 50 world-class vessels including LNG Carriers, LPG Carriers, VLCCs, Tankers, VLOCs, Dry Cargo, and Container ships. These ships will be renamed to (Jabal Samhan & Jabal Al Kawr) once joined to reflect the greatness of Omani mountains and its rich minerals.

The announcement is in line with OSC’s business plan and will add to the company’s dry cargo capacity meeting the increasing customer demand and complementing the existing vessel portfolio to further contribute to the development of the local mining industry. This will also support OSC’s reputation as a key shipping service provider regionally and internationally.

A statement from OSC said, “We are pleased to announce the significant acquisition of these two modern Ultramax vessels as part of our dry cargo expansion program. From our perspective, this is an opportune time to acquire assets given current market conditions, and we’re pleased with the outcome of our negotiations. We will explore opportunities for further acquisitions during the course of 2020.”

“Oman Shipping Company continues to play an important role within Asyad Group, providing its global customers with integrated market-leading logistics solutions. The company also works towards expanding international shipping lines to connect Omani ports with global markets.”

Asyad’s OSC is an integral part of Oman’s drive to become a top-ten global logistics hub and is supporting the integration of all supply chain activities in the Sultanate – providing customers with rapid and unrivalled distribution capabilities across the Middle East, as well as acting as the region’s gateway to global markets. OSC is a full-scale shipping company handling ship owning, technical ship management and commercial cargo operation.

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